Submission to the Interdepartmental Pensions Reform and Taxation Group
Thu Feb 11 2021
On the 13th of November the Interdepartmental Pensions Reform and Taxation Group (IDPRTG) published a report which contained various conclusions and proposals on private pension reform and simplification including:
- Replacement of ARF with a whole of life PRSA
- Introduction of Group ARF structures
- Introduction of option for DC schemes to provide in scheme drawdown, as an alternative to an individual ARF/PRSA
- Change to the taxation of ARF inheritances by children of the deceased ARF holder – Sounds very unfair.
- Replacement of the Personal Retirement Bond (PRB) with a PRSA
On the 29 January 2021 Brokers Ireland sent a response to the report (below) and requested a meeting with the IDPRTG to discuss the issues raised in our response.